中国资本市场控制权溢价实证研究  

Empirical Study on the Control Premium in China's Capital Market

作　　者：崔劲 殷霞 张莹 Cui Jin;Yin Xia;Zhang Ying(Pan-China Appraisal Co.,Ltd.,Beijing.100045;Valuation Center of MF,Beijing 100045)

机构地区：[1]北京天健兴业资产评估有限公司,北京100045 [2]财政部资产评估中心,北京100045

出　　处：《中国资产评估》2023年第3期53-65,共13页Appraisal Journal of China

摘　　要：控制权溢价是拥有公司控制权的股东能够获得与其所持股权份额比例不对等的超额利益,其存在早已获得理论和实证研究的证实。然而,企业价值评估实践中如何考虑控制权溢价始终是困扰评估专业人员的一个难题。本研究以中国资本市场的控制权交易数据为研究样本,分析大额股权交易价格测算其控制权溢价,从而通过实证研究方法探讨中国资本市场的控制权溢价影响因素和溢价水平,为解决中国资本市场的控制权溢价问题提供参考。The control premium is the excess economic benefits that controlling shareholders can obtain corresponding to the proportion of their shares.Its existence has been confirmed by theoretical and empirical research.However,the problem about the considering of control premium in the practice of business valuation has always been a difficult problem for appraisers.This study takes the equity transaction data containing control right of China's capital market as the research sample,analyzes the price of block trade and calculates its control premium.Through the empirical research,we explored the influencing factors and premium level of control premium in China's capital market,which may provide some reference for solving the problem about control premium in China's capital market.

关 键 词：控制权溢价 大额股权交易 企业价值评估 

分 类 号：F83[经济管理—金融学] F019.3